CFG vs SPY: Correlation
Citizens Financial Group (CFG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFG and SPY?
Over the past 3 years, CFG and SPY moved with a correlation of 0.54, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.28 versus 0.54 over 3 years. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 242.2 %².
Within CFG's tracked universe of 46 assets, SPY comes in at #32 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CFG outperformed by 18.7 percentage points (+39.3% for CFG against +20.6% for SPY). This link changes with the market regime, having swung between 0.24 and 0.79 on a rolling one-year basis. Note the risk asymmetry: CFG runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CFG vs SPY: side by side
| CFG (Citizens Financial Group) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +39.3% | +20.6% |
| 5-year return | +98.3% | +82.4% |
| Volatility (ann.) | 31.0% | 14.5% |
| Beta vs S&P 500 | 1.16 | 1.00 |
| Max drawdown (3Y) | -29.1% | -18.8% |
| Market cap | $29.6B | – |
| P/E (trailing) | 15.4 | – |
| Dividend yield | 2.55% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CFG | SPY |
|---|---|---|
| 2022 | -13.4% | -18.2% |
| 2023 | -11.0% | +26.2% |
| 2024 | +38.0% | +24.9% |
| 2025 | +38.6% | +17.7% |
| 2026 | +22.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFG and SPY good diversifiers for each other?
Only partially. A correlation of 0.54 means CFG and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CFG and SPY?
As of 2026-08-27, the correlation of weekly returns between CFG and SPY is 0.54 over 3 years, 0.28 over 1 year and 0.54 over 5 years.
Is SPY a good diversifier for CFG?
Only partially. A correlation of 0.54 means CFG and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
A reading of 0.54 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CFG correlations · SPY correlations
